Deadline for regulation of the sports betting sector ends this Monday
Sports betting is on the rise in Brazil. The market is expected to mobilize BRL 6.3 billion in 2022. There is no regulation of the sector. A decree signed by President Michel Temer allows betting and the promotion of advertising campaigns and sponsorships by the sports betting sector, but the government is still studying the issue.
Deadline for regulation of the sports betting sector ends this Monday. Bookmakers are not yet headquartered in Brazil. They are characterized as 'games of chance' and cannot operate from within the national territory. The money is sent abroad and does not generate the due return to Brazil, so the applicable legislation is foreign.
The deadline for regulation of the sports betting sector in Brazil ends this Monday. The industry is aiming for transparency and legal certainty in relation to the rules of game. It is also relevant for bettors, who are subject to laws of their countries and without support in Brazilian legislation. According to Marcondes, the complexity of this subject may have contributed to it not advancing. The gain in visibility and importance of sports gambling during the World Cup may help break down some barriers.
